This
matter came before the Utah State Tax Commission on March 17, 1987.James E. Harward, Hearing Officer, heard the
matter for the Tax Commission.Les D.
Cragun appeared representing the Petitioner.Sheryl Madsen appeared representing the Respondent.

The
subject property is a vacant car dealership including showrooms, shop space and
lot area.In addition, there are six
homes surrounding the car dealership which were purchased for expansion
purposes.In the spring of 1986, the
subject property was vacated.It had
been up for sale for approximately two years for $425,000.No offers were received.The Board of Equalization set the value at
$541,231 for all of the parcels.The
Petitioner requests that it be reduced to $425,000.The listing price which would indicate the upper limit of value.

The
Respondent indicated that commercial land is being sold for $5.00 a square foot
with comparables ranging from $5.00 to $6.15 a square foot. Buildings were then
placed on at a residual value of $5.50 a square foot.During the course of the hearing it was concluded that the values
placed on the homes were fair and reasonable and, therefore, the Petitioner did
not dispute those.

DECISION AND ORDER

On
the foregoing, it is the Decision and Order that the values placed upon the
subject parcels by the Respondent are reasonable and supported by the evidence.On the other hand, the Petitioner failed to
bear its burden of proof in establishing a value which would be any other than
that determined by the Board of Equalization.The Petitioner's argument that $425,000 would indicate the upper limit
of value because it was a listing price of the subject property carries little
weight.Therefore, the determination of
the Board of Equalization is to stand, and the Petitioner's petition is denied.